Capital Income Fund (HWIAX)

I SHARES    A SHARES   

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Investment return and principal value of the fund will fluctuate, and shares may be worth more or less than their original cost when redeemed. Click quarter-end or month-end to obtain the most recent fund performance.

A Shares inception is 2/28/2011. Returns shown for A Shares for the periods prior to its inception are derived from the historical performance of I Shares of the Fund during such periods and have been adjusted to reflect the higher total annual operating expenses of the A Shares. Performance without sales charges would be lower if the sales charges were shown. Total returns with sales charges reflect the deduction of the current maximum initial sales charges of 4.75%.

Performance (%) Average Annual Total Returns for periods greater than one year
As of latest:    MONTH-END     QUARTER-END    (03/31/2018)
  1 MONTH 3 MONTH YTD 1 YEAR 3 YEAR 5 YEAR 10 YEAR SINCE
12/31/2010
HWIAX (w/o sales charge) -1.01 -0.95 -0.95 5.02 6.12 7.95 -- 9.96
HWIAX -5.74 -5.66 -5.66 0.03 4.41 6.91 -- 9.22
S&P 500 Index -2.54 -0.76 -0.76 13.99 10.78 13.31 -- 13.14
ICE BofAML US Corp. Govt. & Mtg. Index 0.66 -1.47 -1.47 1.22 1.20 1.85 -- 2.93
50/50 Blend S&P 500 & ICE BofAML Corp. Govt. & Mtg. Indexes -0.94 -1.04 -1.04 7.54 6.04 7.58 -- 8.10
HWIAX
(w/o sales charge)
HWIAX
S&P 500 Index
ICE BofAML US Corp. Govt. & Mtg. Index
50/50 Blend S&P 500 & ICE BofAML Corp. Govt. & Mtg. Indexes
16%
12%
8%
4%
0%
-4%
-8%
GROWTH OF $10,000 SINCE FUND INCEPTION AS OF 03/31/2018
Initial Investment $
Investment Date
   
Without Sales Charge
  HWIAX
  50/50 Blend S&P 500 & ICE BofAML Corp. Govt. & Mtg. Indexes
EXPENSES
ANNUAL EXPENSES
As of 06/30/2017
Net Expense Ratio 1.07%
Gross Expense Ratio 1.54%
Management Fee 0.65%
12b-1 Fee 0.25%
MINIMUM INVESTMENT
Minimum Investment $2,500
Minimum Subsequent Investment $100
Minimum Investment IRA $1,000
Minimum Subsequent Investment IRA $100
Fiscal Year End June 30
Open To New Investors Yes
FRONT-END SALES CHARGE SCHEDULE1
Less than $50,000 4.75%
$50,000 but less than $100,000 4.25%
$100,000 but less than $250,000 3.50%
$250,000 but less than $500,000 2.50%
$500,000 but less than $1mm 2.00%
$1 mm and greater 0.00%

The Advisor has contractually agreed to waive advisory fees and/or reimburse expenses through October 31, 2018 so the net expense ratio does not exceed 1.05%.  Over the past 12 months, the Fund invested in business development companies, which produced acquired fund fees and expenses (“AFFE”) of 0.02%.  The reported net expense ratio is the expense ratio cap plus AFFE, or 1.07%.  Net expense ratios were applicable to investors.

The ICE BofAML Indices were known as the BofA Merrill Lynch Indices prior to 10/23/17.

Mutual fund investing involves risk. Principal loss is possible. Diversification does not assure a profit nor protect against loss in a declining market. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Fund may invest in derivative securities, which derive their performance from the performance of an underlying asset, index, interest rate or currency exchange rate. Derivatives can be volatile and involve various types and degrees of risks. Depending on the characteristics of the particular derivative, it could become illiquid. Investment in Asset Backed and Mortgage Backed Securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The Fund may invest in foreign as well as emerging markets which involve greater volatility and political, economic and currency risks and differences in accounting methods.

The Growth of $10,000 Since Fund Inception chart reflects a hypothetical $10,000 investment in the class of shares noted with no sales charges applied. Assumes reinvestment of dividends and capital gains. Performance for other share classes will vary.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

1 All breakpoints represent dollar values. There is no initial sales charge on purchases of $1,000,000 or more of Investor A Shares; however you will pay a CDSC on the offering price or the net asset value of the shares on the redemption date (whichever is less) for shares redeemed within 12 months after purchase.

Index definitions

Glossary of financial terms